ConocoPhillips (NYSE:COP) Upgraded at Zacks Research

Zacks Research upgraded shares of ConocoPhillips (NYSE:COP) from a hold rating to a strong-buy rating in a research report released on Tuesday,Zacks reports.

Several other research analysts have also issued reports on COP. UBS Group boosted their target price on ConocoPhillips from $153.00 to $169.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Truist Financial increased their price target on ConocoPhillips from $130.00 to $136.00 and gave the stock a “hold” rating in a report on Wednesday. Stifel Nicolaus started coverage on ConocoPhillips in a report on Thursday, September 10th. They issued a “hold” rating and a $148.00 price target on the stock. Argus raised their price target on ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Finally, Freedom Capital upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.29.

ConocoPhillips Trading Up 3.4%

Shares of COP opened at $134.24 on Tuesday. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $141.62. The company has a market cap of $161.27 billion, a P/E ratio of 17.76, a P/E/G ratio of 1.35 and a beta of 0.24. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The company’s fifty day simple moving average is $129.39 and its 200-day simple moving average is $121.96.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion during the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. As a group, analysts expect that ConocoPhillips will post 10.68 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips’s payout ratio is currently 44.44%.

Insider Activity

In related news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in shares of ConocoPhillips by 73.2% during the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after buying an additional 50,116,727 shares during the period. BlackRock Inc. lifted its stake in ConocoPhillips by 3.0% in the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after acquiring an additional 2,712,703 shares during the period. Wellington Management Group LLP lifted its stake in ConocoPhillips by 12.0% in the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after acquiring an additional 1,609,759 shares during the period. Invesco Ltd. grew its holdings in ConocoPhillips by 2.2% during the 4th quarter. Invesco Ltd. now owns 13,413,036 shares of the energy producer’s stock worth $1,255,594,000 after acquiring an additional 290,888 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in ConocoPhillips during the 2nd quarter valued at about $1,260,482,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Oil prices rose on supply concerns. Crude prices gained amid worries about Middle East shipping routes and a larger-than-expected decline in U.S. crude inventories. A stronger commodity backdrop typically supports ConocoPhillips’ realized prices, cash flow and earnings. ConocoPhillips gains as oil prices jump on supply fears
• Positive Sentiment: Zacks upgraded COP to “Strong Buy.” The upgrade reflects ConocoPhillips’ earnings-surprise history and what Zacks describes as favorable conditions for another quarterly earnings beat. The company’s latest reported quarter exceeded both earnings and revenue expectations, while full-year guidance was reaffirmed. Will ConocoPhillips Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: Institutional interest provided additional support. Worth Asset Management initiated a position, while recent filings showed share additions by several large investors, including JPMorgan, BlackRock, T. Rowe Price and Charles Schwab Investment Management. Analysts tracked by Quiver Quantitative have issued buy or overweight ratings, with a reported median price target of $143.
• Positive Sentiment: Long-term LNG exposure remains a potential catalyst. ConocoPhillips agreed to purchase 1 million metric tons of LNG annually from Venture Global beginning in 2030 under a 20-year agreement. The deal expands its long-term natural-gas exposure, although the financial benefit is several years away. ConocoPhillips Could Be 11% Undervalued Following New 20 Year LNG Deal
• Neutral Sentiment: Insider activity was mixed for investors. Three insiders sold shares during the past six months, with no reported open-market purchases. These sales may raise a modest caution flag, but they do not necessarily indicate a change in the company’s operating outlook.

About ConocoPhillips

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.